Category: News

When it comes to NFTs and buying them, one of the biggest issues facing consumers is gas and minting fees. Take, for instance, the Otherdeed NFT sale from a few months ago that saw users pay tens of thousands of dollars in gas fees alone, along with the already expensive assets. 

Now, Opensea, one of the biggest NFT marketplaces in the world, is taking a bold step to cut down on the gas fees that users have to pay. The site announced on June 14, 2022, that it has now migrated to Seaport, a web3 marketplace protocol that will address the issue.

Welcome to Seaport

While it was noted that Opensea is one of the first marketplaces to migrate to Opensea, the team is excited about the move. As per the announcement, Seaport is open-source, decentralized, and modern, which will help meet Opensea’s current goals.

Among the benefits that Seaport will offer include lower gas fees, the ability of users to make offers on entire collections or multiple items within one collection, no more account initialization fees, and faster reads on account signatures. 

But perhaps the most attractive for many users is the prospect of lower fees across the board, which Opensea broke down in its blog post. 

“You’ll save an estimated 35% in gas fees for transactions using Seaport. Based on last year’s data, that would amount to more than $460m in total savings (138k in ETH)!* Plus, new users won’t have to pay a one-time setup fee (proxy deployment) to use OpenSea. By removing the setup fee alone, the OpenSea community could save almost $120m each year (35k in ETH),” it says.

When it comes to making offers on assets, users will now have the option to bid on all the items in a collection. Alternatively, they can bid on all assets that have specific attributes. Search filters can now show rarity, floor price, and other attributes that users can use to choose assets. 

In the future, Opensea plans to roll out some other features. These will include the ability of creators to opt into collection alerts based on certain attributes. The blog post explains that because of this migration to the Seaport, many more features can move forward quickly.

“Thanks to Seaport, we’ll be able to more quickly launch new features – like bulk listings – that will give you the ability to purchase many NFTs in a single transaction. Real-time creator fees will be available for multiple recipients. Creators will also be able to define their fees on-chain on a per-item basis with multiple payout addresses,” the announcement says. 

Tying up Loose Ends

It is clear that Opensea and other platforms like it are going to address many of the issues that face NFT buyers currently. This move to Seaport means more than just a reduction in fees paid, which is a major issue.

It also means that many of the smaller issues such as bulk NFT buying will be solved and that buyers will have the best experience possible.

These days, we hear of so many types of companies getting involved in NFTs. From gaming corporations putting NFTs in their releases to sports clubs to even Starbucks, everyone is doing NFTs these days. One type of company we don’t often hear about with regards to NFTs is beauty companies. 

Now, American beauty company Clinique might be the one to change this. The company has announced not only the launch of its first-ever metaverse project but also an incoming NFT collection to go along with it.

The goal of the two is to challenge unrealistic beauty standards and also promote diversity within the metaverse. 

Beautiful NFTs

For years, it has been known that within the blockchain space, women constitute a minority. As we enter the metaverse, this trend is only bound to be recreated unless something is done. 

This is what Clinique’s “Metaverse More Like Us” campaign hopes to do. How the campaign works is that three makeup artists, including Tess Daley and Sheika Daley, were commissioned by the company to create two distinct makeup looks. 

Each look is based on diverse skin tones, faces, and so on, in line with the campaign’s diversity theme. In total, six looks will be created and shared within the metaverse. 

This is where Daz 3D, Clinique’s partner in the project, will come in. The NFT software company will mint 168 NFTs of the looks in total and these will be released in three separate drops. Only those who currently hold one of Daz 3D’s previous non-fungible people (NFP) assets will be randomly allocated one of the makeup looks. 

This particular project is a rather interesting one on Clinque’s part. A lot is said about the metaverse and what it can offer when it fully emerges. But what often flies under the radar is how many of the problems we face in the material world, such as a lack of diversity, might be recreated within it. 

By creating this sort of initiative, Clinique is addressing the problem while the metaverse is still relatively new rather than waiting till the issue is full-blown. 

“Our mission to be in the service of all skin means that we’re dedicated to increasing inclusivity everywhere our brand connects with consumers, and that commitment is no different in the Metaverse,” said Clinique’s SVP of Global Marketing Carolyn Dawkins. “As the Metaverse is blossoming, we know that what we create today can positively impact the beauty standards of the future. We are proud to collaborate with leaders in the space, such as Daz 3D, and artists who help us bring optimism through artistry.” 

NFTs and the Metaverse

It is no secret that NFTs and the metaverse are going to play a much larger role in our lives moving forward. If leveraged correctly, as this latest campaign is trying to do, the metaverse can represent the best parts of the world around us, including our diversity. 

If not, we will end up with a digital landscape that does nothing to address humanity’s problems but simply recreates them virtually.

Remember a few years ago when ‘Baby Shark’ first hit the scene? The kids’ song, which first went viral on YouTube, was one of the most popular tracks on the internet thanks to its infectious melody and catchy lyrics.

To the joy of children everywhere and the frustration of their caretakers, the song was everywhere, from playgrounds to being played ceaselessly online. Since the song went viral, the Baby Shark franchise has done quite well for itself, spanning an animated show and even merchandise. 

Now, the Baby Shark franchise is making its second entry into the metaverse with the announcement of a new NFT collection. 

Baby Shark Dives into NFTs

While it might have slipped under the radar for most people, hardcore Baby Shark lovers will know that in December 2021, the franchise released its first NFT collection. It was a success, selling out quickly and raising millions of dollars for its creators. 

Now, Pinkfong, the company behind Baby Shark, is releasing a follow-up titled ​​ “Baby Shark: Collection No. 2.” This second collection will have 10,000 NFTs in total which will feature the titular Baby Shark character and his entire family. 

The NFTs, which are due to be released sometime this year, will see each NFT have unique attributes and a few surprises for lucky buyers. All these are part of the company’s efforts to further expand the Baby Shark franchise and create a digital footprint for it in the metaverse. 

“We introduced Baby Shark’s first NFT collection in December 2021 as our foray into the next frontier for the world of Baby Shark. Our next collection is on the way with a roadmap designed to provide benefits, entertainment and value for our community as we grow and develop our world in the metaverse and beyond,” the official announcement says.

It seems we will also be getting music-related NFTs as the company teased collaborations with top musical acts in the future. As per the announcement, NFTs will be made for remixes of the original Baby Shark song, which has since become one of the most viewed videos on YouTube.

As per its official roadmap, these NFTs will not be used as just collector’s items. After the second NFT drop, there are plans to unveil social activities that will incorporate the features of the NFTs and initiate community benefits, whatever they may be. 

Franchises in the Metaverse

In the digital age, there is no limit to how far a brand can be expanded. From influencers leveraging viral moments into careers to Baby Shark becoming a million-dollar franchise from a single song, the sky is the limit. 

Now, the metaverse and NFTs seem to have become the next step in creating a profitable digital presence. But more than just another avenue to make money off fans, there seems to be an emphasis on fostering a community. 

With Baby Shark working towards in-person and virtual community engagements that tie back into the metaverse, it seems there is no stopping this trend.

Take a moment and ask yourself where you’ve ‘seen’ NFTs lately. Most likely, all the times you’ve come across NFTs, they’ve been in the digital space, whether on a marketplace or social media. After all, NFTs are digital concepts so where else would you find them?

But what if you could see NFTs manifested in the physical world? What if Bored Apes could be seen and even touched outside of your phone screen? Well, this is the vision that the Littles, an NFT project, is trying to bring to life.

The project has announced that it will be putting up life-size statues of its JoJo Bear characters throughout New York City.

Welcome to New York

Those active in the NFT space might recognize the JoJo Bear characters are NFTs that promote the message of joy and inclusivity. Created by a husband and wife duo who were inspired by their own child, the NFTs have proven to be quite popular.

When its 10K NFT collection was launched in November 2021, it was sold out in three minutes and is very popular on the resale scene. In fact, the JoJo Bear characters are to be turned into an animated children’s program soon.

The JoJo Bear characters are also on their way to New York as the project has announced that several life-size statues of them will be installed around New York. This will coincide with the NFT.NYC conference which will hold from June 20 to 23, 2021.

Each statue will come with QR codes that once scanned, will give users a free POAP NFT. 10 lucky people who tweet a selfie with the statues and the dedicated hashtag will also stand to win a $100 prize. Along with the free prize, $1 will be donated for every scan to the KidSave charity, which supports families affected by the Ukraine conflict. 

Speaking on this new development, co-founder Wil Lee said, “We’re excited to make the world of NFTs more accessible and approachable with this not-so-little activation, while giving back to children in dire need. Our daughter Jordyn always appreciates and enjoys the little things in life with her raw, can-do attitude. To me, this is the purest form of happiness – the root of all of us.”

Real and Tangible Good

There are many layers to this development from the Littles that touch on many parts of the industry. First, there is the bringing of NFT characters to real life in a way that everyone can engage with, even if they do not hold an NFT from the collection.

This is, essentially, a way to make NFT characters less abstract and more of something that consumers can feel and touch. Then there is the charitable donation part. This is not the first time that NFTs are being leveraged in aid of Ukraine but tying an NFT project to charity only casts the industry in a good light. 

Given all the recent announcements from the Littles, we can expect to see even more of them in the NFT space.

While many of us might have an understanding of what NFTs are, some of us might be confused about how they are displayed. Sure, you might pay money for a piece of digital art or some virtual asset, but where do you put it? 

Does it lay permanently in your digital wallet? So far, the only places that NFTs seem to be displayed are Twitter profile pictures. However, luxury watchmaker Tag Heuer is here to change all of this and offer new options to NFT buyers.

According to a new announcement, the watchmaker will be launching new functionality that will allow NFTs to be displayed on smartwatches.

NFT Displays

According to the announcement, this new functionality will work via a connection to crypto wallets through which NFTs can be displayed on the face of Tag Heuer smartwatches. NFTs are typically stored in digital wallets that can also house cryptocurrency and by connecting these wallets, the NFTs can be accessed. 

This functionality will first be available to owners of the Tag Heuer Connected Calibre E4 smartwatch, as well as on the Apple and Google Play stores. Through this update, users can connect their crypto wallets like Metamask and all the Ethereum-based NFTs stored in them.

There will be three modes through which NFTs can be displayed on the watches and this development is very significant for the industry. For many people, NFTs are seen as abstract concepts that have few interactions with the material world. 

But if NFTs are regularly being displayed on watch faces and people ‘see’ them more in their day-to-day lives, they are demystified. 

This is a sentiment that Frédéric Arnault, the CEO of Tag Heuer, has shared, stating, “We think that the wrist is a great place to display your NFT — to have it close to you but also as a way of authentication between members of the community, like a badge of honour, in a subdued way,” 

This is not the first time that Tag Heuer as a brand has embraced digital assets. Earlier this year, the brand began taking cryptocurrency as payments on their official website. This was despite some of the volatility seen in the industry at the time. Still, Arnault remained undeterred and believes that cryptocurrency was the right move. 

 “We already sold nice pieces,” he says. “Now, we will speak more directly to the community. We remain very confident in the mid-term. There is volatility, but overall there was very strong growth last year and we are expecting strong growth this year,” he said.

Showing Off

As more people are buying NFTs, it makes sense to give them more avenues to show them off to others. Again, other people casually seeing NFTs in their daily lives helps to normalise them. 

But also, they simply serve as a means for NFT users to see their assets daily in the same ways they would want to see any other thing they have bought, be it a designer dress or an expensive luxury watch.

It goes without saying at this point that NFTs and cryptocurrency are rather polarizing topics. There are people who love them and defend them, online and offline, to an almost religious degree. There are also people who see them as little more than cash grabs and deride them at any opportunity. 

It would seem that Bill Gates, Microsoft founder and tech billionaire, falls into the latter category. This comes as he made a recent appearance at an event hosted by TechCrunch and touched briefly on both NFTs and cryptos, holding back on neither. 

Gates Speaks His Mind

According to Bill Gates, he does not hold any position on any cryptos or NFTs, nor does he invest in them. The reason for this is that he prefers investing in companies with ‘tangible’ output, be they farms or factories. 

Speaking on NFTs, Gates said that they ​​are “100 percent based on greater fool theory”. Simply speaking, this theory claims that any asset, no matter how intangible or worthless, can be a valuable one as long as you can find a ‘greater fool’ to buy it from you at a profit. 

This is a common criticism levelled at NFTs; that they have no value and are a cash grab by those who create and sell them. Another criticism, which was brought up by Gates, was the anonymity of such digital assets and their potential for being used in crimes. Noting the possibility of tax fraud and use in activities like kidnapping, Gates said that he is neither long nor short on the market. 

He also seemingly took a job at the Bored Ape Yacht Club, saying sarcastically that “Obviously, expensive digital images of monkeys are going to improve the world immensely.”

These remarks aside, this is not the first time that Bill Gates has taken a jab at the crypto market specifically. Back in 2021, he had commented on the volatility of the crypto market and its susceptibility to things like tweets from Elon Musk.

“I do think people get bought into these manias who may not have as much money to spare. My general thought would be that if you have less money than Elon, you should probably watch out,” he said at the time.

A Necessary Evil?

Interestingly, cryptocurrency had been the subject of these sorts of remarks for years. Everyone from Bill Gates to Warren Buffet to executives at JP Morgan had derided and dismissed them as a scam. 

But ironically, many of the executives who dunked on cryptocurrency went on to apply it in some way in their business operations as it became more popular and profitable. Perhaps it is simply NFTs’ turn to be the subject of public ridicule before the tide turns?

We are already seeing many companies embrace NFTs and launch many collections and initiatives for different purposes, from Coachella to Instagram. If these collections end up being successful, public opinion about NFTs could change even among billionaires.

Earlier this year, the world was introduced to Anna Delvey, the fake German heiress on the hit Netflix show ‘Inventing Anna’. The show was a whirlwind of intrigue, deceit, and lots of (sometimes fake) money. 

Now, Ana Sorokin, the real-life con artist who was the inspiration behind the show, has revealed a new venture. Sorokin has announced to the Daily Mail that she will be releasing a limited edition NFT collection that will include original sketches and even one-on-one time with her. 

Remarkably, this is not the first venture Sorokin has put out in recent times. All these are being done from ICE custody in New York, where she remains until a decision is made about her possible deportation. 

Fraudulent NFTs?

This new NFT collection will be called ‘Reinventing Anna’ and will have several tiers, each coming with specific benefits for its holders. One of the more interesting things to be sold as NFTs will be ‘Access to Anna’ cards that will feature a picture of a prison visitor with the words ‘you look poor’ printed on it. 

As for the tiers, the official announcement gave some insight into what each offers. 

‘Ten Gold Edition NFTs that have been randomly mined will give holders the privilege of one on a call with Anna, and holders of three Ultra Rare Platinum Edition NFTs will have the opportunity to meet Anna in person, as well as in person. package will be received. item,’ it says.

No doubt, there have been NFT collections from all sorts of people over the years but this is perhaps one of the more bizarre ones. According to Anna, this is her attempt to reclaim the narrative about her life and tell her story on her own terms using NFTs. 

‘I see this first fall as an opportunity to connect directly with our audience and handle a narrative that has hitherto been beyond my control. I am very excited to join the NFT community and contribute to changing the way artists/producers interact with their fan base. It feels great to be a part of something new and innovative,” she says.

While it is easy to dismiss this as a cash grab or even ask why anyone would pay for them, Sorokin did reach global notoriety following the Netflix show. Undoubtedly, some people will have a bit of a fascination with her and might feel compelled enough to buy one of the NFTs. 

A (Fake) NFT World?

One of the fascinating things about NFTs is how accessible they are. This, of course, means that almost anyone can release their own NFT collection and sell to the public. 

While Anna Sorokin is one of the more ‘out there’ announcements we’ve seen lately, it is unlikely to be the oddest we will ever see. Let’s just hope that buyers of the NFTs are satisfied and that the sale goes better than Anna’s recent art show, for which one of the organizers claims that she has still not been paid.

NFT marketplaces are one of the biggest pillars of the space, offering a place for buyers and sellers to meet and exchange assets. But running an NFT marketplace, especially one as successful as OpenSea, is no small feat. The site has been targeted by hackers and is even facing lawsuits from users due to some fraudulent activity. 

But the site isn’t taking any of this lying down. On June 13, 2021, OpenSea announced some changes to its NFT transfer mechanism that are designed to crack down on malicious links being sent to users. 

Safe For Transfer

As per the official blog post on OpenSea, the site will begin hiding any NFT transfers that appear to be suspicious. Usually, users of OpenSea, which is based on the Ethereum blockchain, can easily send NFT transfers and listings to each other. 

While this has often helped the community, some problems have arisen. 

“With this openness, blockchains can also enable activity that isn’t welcome. One particular ecosystem-wide issue involves unexpected NFT transfers from someone you don’t know. This is similar to email: anyone can send you an email, including scammers,” the post explains, adding that scammers sometimes send NFT listings with links to third-party websites. 

If users click on these links and make use of these websites, their wallets are sometimes compromised and their NFTs stolen. In light of this, OpenSea is taking some actions to make sure that customers are less vulnerable. 

First, certain transfers will automatically be sent to the hidden folder. As with emails, accounts that are found to spam users with NFT transfers will be mainly affected by this and OpenSea hopes to perfect this mechanism over time. 

But this does not mean that the user will automatically miss these transfers. On the contrary, OpenSea will notify users when they receive a transfer that has been sent to the hidden folder and will be directed to the folder where they can unhide the transfer. 

Within the hidden tab, users can filter transfers by ‘hidden by you’ or ‘autohidden’ and view both the transfers that they marked as suspicious and those that were automatically flagged by OpenSea.

These changes will be rolled out over the next few weeks and months and while OpenSea acknowledges that there might be some glitches, like legitimate transfers being flagged, they have asked for the community’s support during this transition. 

“Ultimately, an ecosystem-wide effort is required to defeat scam and theft techniques. While we work with partners to achieve that larger goal, we hope that today’s change has a positive impact on the issue of theft in the web3 community. It is the first step of many we plan to take over the next few months. As always, we appreciate the community’s feedback on these changes,” the post says.

Tying Up Loose Ends

One of the benefits of the NFT space becoming more mature is that many of the common issues that plague buyers are being addressed. Today, it is OpenSea tackling suspicious transfers and tomorrow, it will be something else entirely.

As any NFT enthusiast will tell you, there are so many things you can do with NFTs; they can be an investment, a collectors’ item, and much more. This also means that there are many reasons why people choose to buy NFTs, from profit-making to access to specific benefits attached to them.

However, a new poll from blockchain software company DEXterlab shows that most NFT investors enter the market with a view to making a profit. The poll, which was posted on Twitter on May 27, 2022, also has some interesting revelations about the NFT community. 

The Results of the Poll

The DEXterlab poll was posted with the simple question ‘why do you buy NFTs?’ and four options were available; to make money, community and flex, you collect digital art, and access to games and tools. 

Making money saw an overwhelming victory, with 64.3% of voters choosing that option. Community and flex came in second with 14.7% of the vote, followed by collecting digital art with 12.4%, and access to games or tools last with 8.6%. 

These results clearly show that the NFT space is currently dominated by those hoping to ‘flip’ assets for a profit. While this can be said of any asset market, there have been recent calls to diversify the NFT space and put less emphasis on making money. 

Brad Garlinghouse, the CEO of Ripple, for example, said in a recent interview that NFTs are actually underrated in what they can do for their users. Perhaps this aspect of NFTs will be explored as opposed to profit-making. 

Speaking of profit, another poll was posted by DEXterlab on June 2, 2022, which asked users about how their NFT journey is going. 58.3% of respondents reported that they had lost money in the markets while 41.7% reported that they had made money. 

This shows that while many are in NFTs to make a profit, over half of them have not succeeded. A high-profile example of this is Sina Estavi, the Malaysia-based man who purchased the NFT of Jack Dorsey’s first tweet for $2.9 million but was barely able to get $10,000 in bids for its resale. 

“Last year, when I paid for this NFT, very few people even heard the name NFT. Now I say this NFT is the Mona Lisa of the digital world. There is only one of that and it will never be the same. Years later, people will realise the value of this NFT,” he has said, undeterred. 

Expanding on NFTs

While this poll shows that the NFT space is in profit-making mode, this can change over time. There are many more projects that are being launched with NFTs, especially by private companies, that put an emphasis on their utility and the value being attached to them as opposed to money. 

If this continues, we could see the results of this poll reversed in only a few years.

While NFTs have many potential uses attached to them, one that is currently growing in popularity is the use of NFTs for non-profit fundraising. Most notably, NFTs have been sold to raise funds for the support of Ukrainian troops during the Ukraine-Russia conflict.

Now, this practice seems to have found its way stateside as Jared Polis, the governor of the US state of Colorado, has announced a new NFT-based fundraising effort. This will see supporters of the governor buy NFTs to raise funds for his campaign, some of which come with exclusive real-life perks.

NFTs in Politics 

As per the official announcement, 2,022 NFTs in total have been minted for the Polis campaign and all of these are available for sale on the Flow blockchain. Each NFT costs $52.80, which is a nod to the elevation in feet of Denver, the capital of Colorado. 

Each NFT comes with unique imagery attached, including a green chilli pepper, sneakers, and Gia, Polis’ own dog. For those who are interested in the NFT, they can be bought using a bank card or a request form can be filled on the official website for those who would like to buy them with cryptocurrency.

Along with the imagery and the satisfaction of supporting the Polis campaign, the NFTs will also grant access to in-person events, according to  Brian Forde, CEO of Democratic fundraiser Numero. 

This announcement is quite unique in that Polis is the most high-profile politician in the United States that has embraced NFTs. While they are already making their way unto the global stage, this is a bit of a first for the United States. 

But as Forde explained to Axios Denver, this move is part of efforts to help modernize the fundraising process within the state and the country at large.

 “Nothing has changed with grassroots fundraising over the past 10 years. We’re giving campaigns a new tool. It’s more engaging, fun, and social,” Forde says.

Given how progressive Denver is considered, this move feels appropriate. In only a few hours after the fundraiser went live, about 39 had already been sold. Should this effort be a success, it could be the first of many within the United States. 

It is also particularly interesting that the NFTs come with access to real-life events. Invitations to these events have always been highly coveted among political supporters and NFTs represent a new and modern way to disburse them.

NFT; the Newest Fundraising Tool?

From Ukraine to the US, NFTs are finding a place in the political scene, especially as a way of raising funds. The fact that both digital and real-life benefits can be attached to them means that they can be easily marketed and sold to the public.

This new announcement from Jared Polis could spark a new trend among politicians of NFTs being released to supporters. With any luck, we could see the next major US elections feature NFTs from many different politicians with interesting possibilities.